Newfield Exploration Co. said year-to-date, four major weather events have caused production deferrals in the Gulf of Mexico — Hurricanes Dennis, Katrina and Rita and Tropical Storm Arlene, and the full-year impact will result in the deferral of 18-20 Bcfe.

Since Hurricane Rita, Newfield said it has restored Gulf production of 60 MMcfe/d net out of total net production of about 320 MMcfe/d. Only 14 MMcfe/d net is associated with lost platforms or structures. The remainder is related to damage to host platforms, pipeline infrastructure and onshore processing facilities. It estimated up to 220 MMcfe/d net of the shut-in production could resume within the next month if the condition of pipelines, host facilities and onshore processing plants will permit.

In the meantime, Newfield also said it has signed an agreement with ExxonMobil Corp. to jointly explore and develop 52,000 gross acres controlled by ExxonMobil in South Texas. Newfield expects that two or three drilling rigs will be active on these properties over the next three years.

The agreement covers properties in Kenedy, Starr and Hidalgo counties, all of which are located in Newfield’s core South Texas activity regions. Since entering South Texas in 2000, Newfield has grown net production to a current rate of more than 200 MMcfe/d. In addition to the acreage covered under this venture, Newfield owns interests in more than 200,000 gross lease acres in South Texas.

Newfield will be holding an investor day with management at 8:15 a.m. CST on Tuesday, which may be accessed at https://www.newfld.com .

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